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Economy shrinks in fresh blow to Reeves budget plans
The Bank of England in the City of London
BRITAIN’S economy unexpectedly shrank in January, official data revealed today in a fresh blow to Chancellor Rachel Reeves ahead of her Spring Statement.
The Office for National Statistics (ONS) reported a 0.1 per cent in GDP in the first month of the year, the latest available data, which it said was driven by a sharp decline in manufacturing.
Economists had predicted slight growth and the drop follows a 0.4 per cent increase in December.
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